SBET on Nasdaq
Sharplink, Inc.
American finance services company that raised $425 million in 2025 (SEC Form D). Summary from the record
$8.04 up 0.14 (1.84%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 19, 2026.
Overview
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- TickerSBET on Nasdaq2
- IndustryFinance Services2
- HeadquartersMinneapolis, United States2
- Incorporated inDE4
- Business address200 S. Biscayne Boulevard, Miami, Fl 331314
- Filer categoryNon-accelerated filer, Smaller reporting company4
- Legal formCorporation2
- LEI254900CZRMKT24A29H692
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 65680242
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WITH OWNERSHIP OF SHARES IN A REGISTERED INVESTMENT COMPANY NOR THE PROTECTIONS AFFORDED BY THE COMMODITIES EXCHANGE ACT.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-2616.0%Operating margin6
-2618.4%Net margin6
666.1%Revenue growth, 20256
-30.4%Return on equity6
-$17.6MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
ETH Staking Segmet brought in 92% of the revenue Sharplink, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| ETH Staking Segmet | $3.7M | $28.1M |
| Affiliate Marketing Services | $3.7M | $2.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin98¢$42.4M
- Income tax2¢$1.0M
Out of $28.1M in revenue.6 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue from staking, net | $25.6M | |
| Revenue from affiliate marketing | $2.5M | $3.7M |
| Total revenue | $28.1M | $3.7M |
| Realized gain on crypto assets, net | $55.2M | |
| Unrealized loss on crypto assets at fair value, net | -$616.2M | |
| Total losses from operations | -$561.0M | |
| Cost of revenues from affiliate marketing | $1.9M | $2.8M |
| Selling, general, and administrative expenses | $42.4M | $5.7M |
| Stock-based compensation, related party | $16.5M | |
| Impairment of crypto assets at cost | $140.2M | |
| Total operating expenses | $201.0M | $8.4M |
| Operating loss | -$733.9M | -$4.8M |
| Interest income | $447.0K | $60.0K |
| Interest expense | -$325.0K | |
| Other income | $298.0K | |
| Change in fair value of convertible debenture and warrant liabilities | $256.0K | |
| Total other income | $447.0K | $289.0K |
| Net loss before income taxes | -$733.5M | -$4.5M |
| Income tax expense | -$1.0M | |
| Net loss from continuing operations | -$734.5M | -$4.5M |
| Net income (loss) from discontinued operations, net of tax | -$71.0K | $14.6M |
| Net income (loss) | -$734.6M | $10.1M |
| Net loss from continuing operations basic | -$734.5M | -$4.5M |
| Net loss from continuing operations diluted | -$734.5M | -$4.5M |
| Net income (loss) from discontinued operations basic | -$71.0K | $14.6M |
| Net income (loss) from discontinued operations diluted | -$71.0K | $14.6M |
| Net income (loss) | -$734.6M | $10.1M |
| Basic weighted average shares for continuing and discontinued operations | 99.7M shares | 286.9K shares |
| Diluted weighted average shares for continuing and discontinued operations | 99.7M shares | 337.3K shares |
| Net income (loss) from continuing operations per share - basic | -$7 | -$16 |
| Net income (loss) from discontinued operations per share basic | $51 | |
| Net income (loss) per share - basic | -$7.37 | $35.20 |
| Net income (loss) from continuing operations per share - diluted | -$7 | -$16 |
| Net income (loss) from discontinued operations per share diluted | $43 | |
| Net income (loss) per share - diluted | -$7.37 | $27.62 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash | $28.5M | $1.4M | |||
| USDC stablecoin | $1.9M | ||||
| Accounts receivable, net of allowance for credit losses of $0 | $221.0K | $265.0K | |||
| Other receivables | $273.0K | ||||
| Prepaid expenses and other current assets | $329.0K | $310.0K | |||
| Current assets from discontinued operations | $182.0K | $270.0K | |||
| Total current assets | $31.2M | $2.6M | |||
| Crypto assets at fair value | $1.9B | ||||
| Crypto assets at cost | $500.9M | ||||
| Equipment, net | $10.0K | $3.0K | |||
| Intangible assets, net | $8.0K | $13.0K | |||
| Total assets | $2.4B | $2.6M | |||
| Accounts payable and accrued expenses | $12.7M | $479.0K | |||
| Current liabilities from discontinued operations | $1.0K | $10.0K | |||
| Total current liabilities | $12.7M | $489.0K | |||
| Total liabilities | $12.7M | $489.0K | |||
| Common stock, $0.0001 par value; authorized shares 2,500,000,000 and 100,000,000, respectively; issued 198,635,801 and 407,295, respectively; outstanding shares: 196,697,343 and 407,287, respectively | $20.0K | $0 | $573.0K | ||
| Treasury stock, 1,938,458 and 8 shares, respectively, of common stock at cost | -$31.7M | -$29.0K | |||
| Additional paid-in capital | $3.3B | $79.9M | |||
| Accumulated deficit | -$812.4M | -$77.8M | |||
| Total stockholders equity | $2.4B | $2.1M | -$9.4M | ||
| Total liabilities and stockholders equity | $2.4B | $2.6M | |||
| Accounts receivable, allowance for credit losses | $0 | $0 | |||
| Preferred stock, par value | $0.00 | ||||
| Preferred stock, shares authorized | 15.0M shares | ||||
| Preferred stock, shares issued | 0 shares | ||||
| Preferred stock, shares outstanding | 0 shares | ||||
| Common stock, par value | $0.00 | $0.00 | $0.20 | ||
| Common stock, shares authorized | 2.5B shares | 100.0M shares | |||
| Common stock, shares issued | 198.6M shares | 7.9M shares | 407.3K shares | ||
| Common stock, shares outstanding | 196.7M shares | 7.9M shares | 407.3K shares | ||
| Treasury stock, common, shares | 1.9M shares | 8 shares |
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash | $28.5M | $1.4M | |||
| USDC stablecoin | $1.9M | ||||
| Accounts receivable, net of allowance for credit losses of $0 | $221.0K | $265.0K | |||
| Other receivables | $273.0K | ||||
| Prepaid expenses and other current assets | $329.0K | $310.0K | |||
| Current assets from discontinued operations | $182.0K | $270.0K | |||
| Total current assets | $31.2M | $2.6M | |||
| Crypto assets at fair value | $1.9B | ||||
| Crypto assets at cost | $500.9M | ||||
| Equipment, net | $10.0K | $3.0K | |||
| Intangible assets, net | $8.0K | $13.0K | |||
| Total assets | $2.4B | $2.6M | |||
| Accounts payable and accrued expenses | $12.7M | $479.0K | |||
| Current liabilities from discontinued operations | $1.0K | $10.0K | |||
| Total current liabilities | $12.7M | $489.0K | |||
| Total liabilities | $12.7M | $489.0K | |||
| Common stock, $0.0001 par value; authorized shares 2,500,000,000 and 100,000,000, respectively; issued 198,635,801 and 407,295, respectively; outstanding shares: 196,697,343 and 407,287, respectively | $20.0K | $0 | $573.0K | ||
| Treasury stock, 1,938,458 and 8 shares, respectively, of common stock at cost | -$31.7M | -$29.0K | |||
| Additional paid-in capital | $3.3B | $79.9M | |||
| Accumulated deficit | -$812.4M | -$77.8M | |||
| Total stockholders equity | $2.4B | $2.1M | -$9.4M | ||
| Total liabilities and stockholders equity | $2.4B | $2.6M | |||
| Accounts receivable, allowance for credit losses | $0 | $0 | |||
| Preferred stock, par value | $0.00 | ||||
| Preferred stock, shares authorized | 15.0M shares | ||||
| Preferred stock, shares issued | 0 shares | ||||
| Preferred stock, shares outstanding | 0 shares | ||||
| Common stock, par value | $0.00 | $0.00 | $0.20 | ||
| Common stock, shares authorized | 2.5B shares | 100.0M shares | |||
| Common stock, shares issued | 198.6M shares | 7.9M shares | 407.3K shares | ||
| Common stock, shares outstanding | 196.7M shares | 7.9M shares | 407.3K shares | ||
| Treasury stock, common, shares | 1.9M shares | 8 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income (loss) | -$734.6M | $10.1M |
| Net income (loss) from discontinued operations, net of tax | -$71.0K | $14.6M |
| Net loss from continuing operations | -$734.5M | -$4.5M |
| Depreciation and amortization | $9.0K | $12.0K |
| Amortization of debt discount | $72.0K | |
| Change in fair value | -$256.0K | |
| Deferred tax expense | -$7.0K | |
| Stock-based compensation expense | $13.7M | $149.0K |
| Stock-based compensation expense, related party | $16.5M | |
| Impairment on crypto assets at cost | $140.2M | |
| Stock-based bonus accrual | $5.0M | |
| Unrealized loss on crypto assets at fair value, net | $616.2M | |
| Realized gain from liquid staking | -$54.7M | |
| Realized gain on equity contributions in crypto assets | -$498.0K | |
| Rewards from liquid staking | -$1.4M | |
| Rewards from native staking | -$25.1M | |
| USDC rewards received from vendor | -$190.0K | |
| Accounts receivable | $161.0K | $162.0K |
| Other receivable | -$273.0K | |
| Prepaid expenses and other current assets | -$19.0K | $73.0K |
| Accounts payable and accrued expenses | $7.2M | -$1.3M |
| Net cash used in operating activities continuing operations | -$17.5M | -$5.9M |
| Net cash used in operating activities - discontinued operations | -$61.0K | -$17.0M |
| Net cash used in operating activities | -$17.5M | -$22.8M |
| Capital expenditures for equipment | -$11.0K | -$2.0K |
| Crypto assets purchased | -$2.6B | |
| USDC stablecoin purchased | -$445.1M | |
| USDC stablecoin redemptions | $105.6M | |
| Proceeds from sale of intellectual property | $150.0K | |
| Net cash provided by (used in) investing activities continuing operations | -$3.0B | $148.0K |
| Net cash used in investing activities - discontinued operations | -$18.9M | |
| Net cash used for investing activities | -$3.0B | -$18.7M |
| Proceeds from convertible debenture and purchase warrants | -$4.1M | |
| Gross proceeds from sale of common stock | $2.1B | $869.0K |
| Issuance costs paid related to sale of common stock | -$57.2M | |
| Gross proceeds from private placements | $983.1M | |
| Issuance costs paid related to private placements | -$42.6M | |
| Repurchases of common stock (treasury cost) | -$31.7M | |
| Proceeds from line of credit | $550.0K | |
| Repayment of line of credit | -$6.9M | |
| Principal payments on long-term debt | -$2.1M | |
| Proceeds from exercise of warrants | $160.0K | |
| Net cash generated by (used in) financing activities continuing operations | $3.0B | -$11.5M |
| Net cash used in financing activities - discontinued operations | -$5.8M | |
| Net cash generated by (used in) financing activities | $3.0B | -$17.4M |
| Net change in cash | $27.0M | -$58.9M |
| Cash paid for interest | $486.0K | |
| Cash paid for taxes | $449.0K | $505.0K |
| USDC stablecoin rewards | -$190.0K | |
| USDC stablecoin used to purchase crypto assets | $337.9M | |
| Equity contributions of crypto assets | $122.9M | |
| Crypto assets received as equity contributions after fair value adjustment | -$123.4M | |
| Deposits of crypto assets (ETH) at fair value for liquid staking activities | $706.2M | |
| Receipt of crypto assets (LsETH) at cost for liquid staking activities | -$717.4M | |
| Receipt of crypto assets (ETH) at fair value for redemption of crypto assets (LsETH) at cost | -$121.1M | |
| Redemption of crypto assets (LsETH) at impaired cost | $76.6M | |
| Placement agent warrants | $12.9M | |
| Premium purchase contract | $8.6M | |
| Settlement agreement, liability issued for warrants | -$900.0K | |
| Issuance of common stock in exchange of warrants | $211.0K | |
| Issuance of common stock for vested restricted stock | $2.3M | $449.0K |
| Deemed dividend | $45.0K | |
| Warrant exchange agreement, issuance of pre-funded warrants | $287.0K | |
| Warrant exchange amendment, revalue of strike price and removal of repurchase requirement | $152.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Sharplink, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2025
- Chief executive officerJoseph Chalom Aug 4, 2025 to now11
- Chief executive officerRob Phythian Feb 13, 2024 to Aug 4, 202512
- Chief financial officerRobert Michael Delucia Feb 13, 2024 to now13
Board members and other officers (9)
- Chief Accounting OfficerDana Eschenburg Perez May 14, 2026 to now14
- Chief Investment OfficerMatthew A. Sheffield Jun 9, 2026 to now15
- Chief Development OfficerMichael D. Camarda Jun 11, 2026 to now16
- Board memberJoseph Chalom Jan 12, 2026 to now17
- Board memberAdrienne Anderson Feb 13, 2024 to Feb 13, 202418
- Board memberLeslie Bernhard Feb 13, 2024 to now19
- Board memberObie McKenzie Feb 13, 2024 to now20
- Board memberRob Phythian Feb 13, 2024 to now12
- Board memberRobert M. Gutkowski Apr 1, 2024 to now21
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Chairman of the Board of DirectorsJoseph Lubin named Jun 10, 202522
Former names
- SharpLink Gaming, Inc.Jun 15, 2023 to Feb 3, 20264
Timeline
Filings
236 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 60 major events, 95 insider forms, 13 large holders, 1 private raises, 55 other. The latest 20:
- Oct 13, 20264 EDGAR
- Oct 13, 2026SCHEDULE 13D/A EDGAR
- Sep 10, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 10, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 7, 2026SCHEDULE 13G EDGAR
- Aug 6, 2026SCHEDULE 13G/A EDGAR
- Jul 30, 2026SCHEDULE 13G EDGAR
- Jul 27, 20264 EDGAR
- Jul 27, 20264 EDGAR
- Jul 27, 20264 EDGAR
- Jul 27, 20264 EDGAR
- Jul 27, 20264 EDGAR
- Jul 27, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
The 236 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
9 open-market trades by officers, directors and large owners since October 2021: 2 buys and 7 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 12, 2026 | MCKENZIE OBIEDirector | Sale | 12,892 | $7.41 | $95.5K | Form 4 |
| May 12, 2026 | Bernhard LeslieDirector | Sale | 12,892 | $7.41 | $95.5K | Form 4 |
| May 12, 2026 | GUTKOWSKI ROBERT MDirector | Sale | 12,892 | $7.41 | $95.5K | Form 4 |
| Mar 31, 2026 | DeLucia Robert MichaelChief Financial Officer | Sale | 2,848 | $6.21 | $17.7K | Form 4 |
| Aug 18, 2025 | MCKENZIE OBIEDirector | Sale | 18,334 | $19.17 | $351.5K | Form 4 |
| Aug 18, 2025 | GUTKOWSKI ROBERT MDirector | Sale | 18,334 | $19.17 | $351.5K | Form 4 |
| Aug 18, 2025 | Bernhard LeslieDirector | Sale | 18,334 | $19.17 | $351.5K | Form 4 |
| May 30, 2025 | Phythian RobCo-Chief Executive Officer | Buy | 44,640 | $6.72 | $300.0K | Form 4 |
| May 30, 2025 | DeLucia Robert MichaelChief Financial Officer | Buy | 7,440 | $6.72 | $50.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Joseph Michael LubinSCHEDULE 13D/A, 3 filings Jun 6, 2025 to Oct 13, 202623
- HIGHBRIDGE CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Aug 14, 202624
- FMR LLCSCHEDULE 13G, 3 filings Feb 5, 2026 to Aug 7, 202625
- BlackRockSCHEDULE 13G, 1 filing Jul 30, 202626
- Citadel Securities GP LLCSCHEDULE 13G, 1 filing Aug 15, 202527
- JANE STREET GROUP, LLCSCHEDULE 13G/A, 2 filings Jun 6, 2025 to Aug 14, 202528
- ALPHA CAPITAL ANSTALTSCHEDULE 13G/A, 2 filings Mar 18, 2024 to May 30, 202529
Money raised
Private offerings the company reported to the SEC on Form D.
- May 26, 2025Raised $425 million in a private offering of equity Form D: 108 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 16,139,807 | $77.5M | 0.0% | +12,557,670 |
| Highbridge Capital Management LLC | 14,357,573 | $68.9M | 3.7% | +13,668,620 |
| Fmr LLC | 9,348,731 | $44.9M | 0.0% | −9,213,124 |
| Geode Capital Management, LLC | 5,472,724 | $37.7M | 0.0% | +3,144,662 |
| Renaissance Technologies LLC | 5,835,400 | $28.0M | 0.0% | +4,022,894 |
| UBS Group AG | 4,703,344 | $22.6M | 0.0% | −128,774 |
| Invesco Ltd. | 4,431,363 | $21.3M | 0.0% | +1,186,397 |
| Citadel Advisors LLC | 4,151,084 | $19.9M | 0.0% | +910,050 |
| State Street Corp | 3,650,602 | $17.5M | 0.0% | +2,682,350 |
| Morgan Stanley | 3,109,789 | $14.9M | 0.0% | +1,373,845 |
| Weiss Asset Management LP | 2,313,221 | $11.1M | 0.2% | −729,327 |
| Vanguard Capital Management LLC | 2,260,472 | $10.9M | 0.0% | +62,200 |
| Tidal Investments LLC | 2,250,095 | $10.8M | 0.0% | −83,918 |
| Millennium Management LLC | 1,946,094 | $9.3M | 0.0% | −4,435,579 |
| Susquehanna International Group, Llp | 1,833,037 | $8.8M | 0.0% | +213,870 |
| Philosophy Capital Management LLC | 1,633,918 | $7.8M | 0.8% | +100,000 |
| Charles Schwab Investment Management Inc | 1,625,425 | $7.8M | 0.0% | +426,205 |
| Northern Trust Corp | 1,596,941 | $7.7M | 0.0% | +1,157,983 |
| Bank Of America Corp /de/ | 1,541,561 | $7.4M | 0.0% | +266,119 |
| Goldman Sachs Group Inc | 1,539,633 | $7.4M | 0.0% | +692,574 |
| Macquarie Group Ltd | 1,432,339 | $6.9M | 0.0% | New |
| Citigroup Inc | 1,394,505 | $6.7M | 0.0% | +265,755 |
| Vanguard Portfolio Management LLC | 1,371,582 | $6.6M | 0.0% | +1,260,595 |
| Vanguard Fiduciary Trust Co | 1,147,712 | $5.5M | 0.0% | +108,394 |
| Nuveen, LLC | 816,657 | $3.9M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARSharplink, Inc. filings on SEC EDGAR
- 2
- 3Yahoo FinanceSBET quote
- 4SEC EDGARSharplink, Inc. filings on SEC EDGAR
- 5
- 6SEC EDGARSharplink, Inc. 10-K for fiscal 2025
- 7SEC EDGARSharplink, Inc. 10-K for fiscal 2022
- 8SEC EDGARSharplink, Inc. 10-K for fiscal 2023
- 9SEC EDGARSharplink, Inc. 10-Q for fiscal 2026
- 10SEC EDGARSharplink, Inc. 10-Q for fiscal 2026
- 11
- 12
- 13
- 14
- 15
- 16
- 17SEC EDGARJoseph Chalom, Board member
- 18SEC EDGARAdrienne Anderson, Board member
- 19SEC EDGARLeslie Bernhard, Board member
- 20SEC EDGARObie McKenzie, Board member
- 21SEC EDGARRobert M. Gutkowski, Board member
- 22
- 23
- 24
- 25
- 26
- 27
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- 29